RLUSD reported by media to have A2 and P-1 ratings: for XRP, watch for adoption to be validated—not immediate buying
At 15:47 Beijing time, `#穆迪授予RLUSD长期存款A2评级` appeared at No. 6 on Binance Square’s trending list, with the page showing 20 people discussing it; a related topic ranked No. 7, with 14 people discussing it. The facts behind this buzz are worth unpacking: industry media have reported that Moody’s assigned Ripple’s RLUSD A2 long-term and P-1 short-term deposit ratings, but searches of publicly available sources have so far turned up no corresponding full, original rating document from Moody’s. This is a credit-rating development worth tracking, but it should not be presented as “an official rating has already brought buying demand for XRP.”
I. What does the rating actually tell us?
ChainCatcher and Coinfomania reported on October 28 that the rating covers RLUSD issued natively on the XRP Ledger and Ethereum, and discusses its reserve arrangements and the risk holders face if the issuer becomes insolvent. It is important to note that Moody's official definition of a rating is a forward-looking opinion on relative credit risk. A2 is the middle tier of the A category for long-term ratings, while P-1 is a short-term rating. It can provide an external reference for institutional assessments, but it is not a real-time audit of reserve assets, nor a guarantee that RLUSD will always maintain a value of $1.
Ripple also announced a partnership with Robinhood yesterday, saying RLUSD would become one of the stablecoins in Robinhood's digital asset ecosystem. The rating report, combined with progress in institutional distribution, explains why this topic made the trending list. But several steps still need to be verified between “RLUSD may be easier for institutions to adopt” and “XRP's price will rise immediately”—including actual settlement volumes, on-chain liquidity, and sustained trading demand.
For a tradable native asset in the ecosystem at the center of this story, see XRP / USDT spot: https://www.binance.com/zh-CN/trade/XRP_USDT . At around 15:47, XRP was about 1.3265 USDT, up 1.944% over 24 hours, with an intraday high of 1.3444 and a low of 1.2910. Quote-asset trading volume was about 91.0835 million USDT. This price snapshot only shows that the market was relatively strong at the time; it cannot be attributed to the RLUSD rating report alone.
For the derivatives market, see the XRP / USDT USDⓈ-M perpetual contract: https://www.binance.com/zh-CN/futures/XRPUSDT . At the same time, the mark price was about 1.3262, up 2.102% over 24 hours. Quote-asset trading volume was about 508.59 million USDT, open interest was about 307.77 million XRP, and the latest funding rate was about +0.0100% per 8 hours. A positive funding rate means longs are paying to hold their positions; high OI and a positive funding rate do not mean a new wave of spot demand has been confirmed.
If you only want to track the stablecoin itself, see RLUSD / USDT spot: https://www.binance.com/zh-CN/trade/RLUSD_USDT . At around 15:47, RLUSD was about 1.0013 USDT, down about 0.030% over 24 hours, with quote-asset trading volume of about 41.9323 million USDT. It was still fluctuating near $1. The stablecoin's narrow price movements should not be treated as evidence of an XRP rally. Binance currently has no verified USDⓈ-M perpetual contract listing for RLUSDUSDT.
II. What should we verify next?
First, check whether Moody's publishes the full rating document, its scope, and its assumptions about reserves and redemptions, to determine exactly which level of obligation the “deposit rating” covers. Second, see whether institutional partnerships involving Ripple and Robinhood translate into sustained growth in RLUSD circulation, on-chain transfers, and settlement volumes. Third, check whether XRP spot remains strong through new four-hour closes after the rating news, while perpetual open interest avoids building up uncontrollably.
The most recent completed four-hour XRP spot candle (08:00–12:00 Beijing time) opened at 1.3313, reached a high of 1.3444 and a low of 1.3254, and closed at 1.3372, with quote-asset trading volume of about 17.8020 million USDT. At 15:47, the new four-hour candle had not yet closed. The cover image is a trend snapshot taken at the same observation time from a locally captured XRPUSDT four-hour chart; it does not represent the rating document or an in-text chart.
My view is that this news matters for XRP in the medium term because it makes RLUSD's entry into institutional financial workflows easier to assess. In the short term, however, it remains an “adoption expectation,” not buying demand that can be directly realized. The outlook could improve if the original rating document is published, the reserve and redemption mechanisms are clear, and RLUSD circulation and settlement data continue to grow. If the original document remains unavailable or the institutional partnerships fail to generate verifiable usage, the rating narrative may remain at the level of sentiment.
What could overturn this view? The positive outlook would be invalidated if Moody's later clarifies that the rated entity, scope, or conditions differ significantly from market accounts, or if Ripple's institutional distribution is delayed, restricted, or faces redemption pressure. Conversely, sustained disclosures showing improvements in reserves, circulation, and settlement volumes, alongside stronger XRP spot closes, would provide more substantial confirmation.
Risk disclosure: This article observes events and publicly available market data only and does not constitute investment advice. A rating is neither a price guarantee nor a reserve audit. XRP spot and USDⓈ-M perpetual contracts have different risks, settlement mechanisms, and leverage structures. RLUSD may also be affected by changes involving its issuer, reserves, redemptions, liquidity, and regulation. Data as of 15:47 Beijing time on October 28, 2026. The cover image is from a locally captured XRPUSDT four-hour chart and is for trend observation only.
Sources:
1. Binance Square trending list (observed at 15:47 Beijing time on October 28, 2026): https://www.binance.com/zh-CN/square/trends
2. ChainCatcher report on the RLUSD rating (13:21 Beijing time): https://www.chaincatcher.com/en/article/2299522
3. Moody's official explanation of ratings: https://www.moodys.com/web/en/us/solutions/ratings/understanding-ratings.html
4. Official announcement from Ripple and Robinhood (2026-10-27): https://ripple.com/ripple-press/ripple-and-robinhood-partner-to-power-the-next-generation-of-finance/
$XRP $RLUSD